The recent May Crude Oil futures long squeeze reminded me of something really similar that happened to the May 2011 and July 2011 ICE Cotton Futures Contract - but it was a massive short squeeze on, once again - a physically delivered contract with very specific and prescribed delivery specifications. Louis Dreyfus had bought up a massive long futures position with every intention of taking physical delivery. So as first notice day loomed - many commercials and specs got absolutely blown out. The spike up was immediate and mind numbing on a thin market. The damage to the market was real and it was permanent. Most of the old and famous Memphis Cotton trading firms were wiped out. The market has not been the same since. It's not entirely the futures squeeze at fault - India, China, and Bangladesh are now growing their own domestic Cotton. But it hastened the inevitable in a sudden and brutal way - kinda like Hiroshima and Nagasaki. Postscript: A few parties sued Louis Dreyfus for market manipulation. But since LD was able to readily prove that they intended and indeed did take physical delivery of the futures contracts - all the cases were dismissed. https://www.reuters.com/article/cot...der-over-cotton-squeeze-idUSL2E8I23YS20120702